#NIFTY analysis for 20 Feb 23In last trading session, huge sell off seen, however, recovery some seen in last half an hour, check chart for proper support and resistance.
Niftytradesetup
NIFTY DOWNSIDE 1500 PLUS POINTS
Price has violated a Weekly Demand area and formed a Monthly and Weekly Supply area.
After reacting to this Supply we directly have a Fresh Demand formed @ 16275.00
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Chart clearly explains that no more significant downside, as the 4th wave retraced closer to 18200.
coming weeks are just to accumulate valuable stocks, Hence until Feb'23 17800 will be a good support level.
the final wave of 5 has 5 components with zigzag moves, trade carefully ,with low targets, quick profiting
new buying will emerge from March'23 after 5th of 5th wave.
happy trading!!
NIFTY VIEWNSE:NIFTY Nifty has given a Break out from falling channel and also taken out the budget day high.
The Break out is not at all convincing since the volume is missing. You can read it from the chart that last couple of days of moves were backed by low volume.
It is rather looking like a short covering. Going forward Volume profile suggest stiff resistance at (18080 -18120) levels.
Caution is advised and it is better not to chase the present up move.
You can see that price is now at 0.618 levels and could face some resistance look for a pullback to 0.786 which is at 17800. A base has also been formed there, Which will also offer a good Risk/Reward
NSE:NIFTY Hourly time frame VCP pattern is completed and given a break out above budget day high. As mentioned above the break out is not convincing. Wait for a pull back.
Good Luck
Nifty Starts new Bull RunImportant Break of Falling Trendline
Confirmed Support from 2020 Covid low Trendline
Breakout After M
Two more resistances 18242 and 18464, if taken out -> 19000
Recommend playing with swing trades - Stocks stronger than Nifty in Nifty 50 like LT, ITC, HDFC Bank etc
15th Feb ’23-60 seconds Live Day Trading View Nifty BankNifty 15th Feb ’23-Looking to buy nifty if conditions in the video meet
Powerful Bears?Nifty resistance 17800 according to fibonacti tool for the supports come up at 17670 and 17600
• India's CPI Inflation Data "India's retail inflation britches RBI tolerance limit in January accelerates to 6.52%"
• Tomorrow's market might be a bearish market again or kind of sideways because of today's adani's report published by bloomber it says Adani group might cut its revenue up to 50% and limit its capital expenditure and focus more on companies financial health (repairing the debt and unpledging the pledged shares)
• Important countries and regions such as US UK and European countries are yet to come with the inflation datas
• Currently the market is completely driven by the news and specially by the Adani stocks as a d uninstalls affects the banking sector and financial services which affects the nifty as it has more contribution in the index
Nifty 13 Feb 23 to 17 FEB 23 Short ,Medium and Long TermNifty 13 Feb 23 to 17 FEB 23 Short ,Medium and Long Term
Nifty closed at 17856 ( Prev close 17754)
Neutral Strategy was given Last week and as expected market didnt showed any sign to move upwards for the week.
Nifty touched a low of 17662 last week.
Market may further move sidewards for few more weeks for decisive movement either upwards or downwards.
Though the RSI, Stochastic and MACD are in positive zone, the key trend line ( Resistances ) yet to break inorder to move up.
To continue Short Term Strategy is Neutral
Nifty short term
Nifty will be in range bound from 17300 to 18268 in short term.
Nifty support at 17819(0.5 fib old) /17785(feb22 high) /17716/17566/17435(dark red color horizontal line) /17355(new low) /17314 MA200.
Nifty Resistance will be at 17900/18000(Aug high) /18109(sep high) / 18122(0.5 fib new) /18268 (Dec22 end Jan23 high) /18355(Jan22 High)
Nifty will be range bound in short term from 17300 to 18268. Like previous week, this support levels are shown in Green & Red thick Horizontal lines.
Nifty need to break decisively above 18268 to reach 18800-18900 in short term.
Medium term target
Medium term target is 18900
In case if it falls below 17300, then next support is at 16800, which will act as major support.
Long term
Target 19500/20500 still in intact.
Nifty important update 1hrIf we closely observe the counts from 15194 low point it is not looking like an impulsive move. The nifty has been in the corrective move so far. The correction is so irregular the laymen cant understand what is happening right now in Nifty . Thanks to Elliott wave theory we can read fine prints of the candlestick printed by the market make. The moves are in 3 wave structures and every move has double correction. The last move under the channel is looking like an WXYXZ correction. All the levels are marked what could I understand from the NIFTY 50, Chart.
The counts are relabeled to WXY and WXYXZ is the alternative count...
Regards
Is the VIX giving a warning signHistorically, for the last 10 years, whenever there has been a non confirmation between India VIX and Nifty at new highs or lows, it has been a indication of a change in market direction. So unless the ViX falls to a new low, the last high has not been confirmed.
For reference the VIX chart is inverted
NIFTY Top Down AnalysisThe idea here is about Nifty 50 Index :
My view is Short term Neutral to Bearish (upcoming week) & then bullish for the below observed technical factors.
Points as per TA observed on a Weekly, daily & Hourly Chart:
Hourly Chart:
1. Bearish Crab Harmonic Pattern observed on a 1H & 4H chart. Target price & Stop Loss provided on chart as per below:
2. Ichimoku is Neutral to bearish since Chikou Span is below the price range & last trading hour was closed below the Senkou Span B:
3. Heikin Ashi, 1H before last closing session was indecisive, however the last hour closed on positive note, Pivots & 20 EMA are bearish since the last trading day was below the previous day closing as per below :
Daily Chart:
4. Bearish NenStar Pattern observed on 1D chart. Target price & Stop Loss provided on chart as per below:
5. MACD is below signal line, with RSI @ 55.51 on daily chart with multiple divergences (MACD, MACD Histogram, RSI, VWMACD) as per below:
6. Raising wedge formation with over bought zone confirmation alongside RSI as per below:
7. Ichimoku in Strong buy since Chikou Span is above the price range & trading above Senkou Span A as per below :
Weekly Chart:
8. Last week Candle almost ended as a tweezer top as per below:
9. A huge cup formation completed on weekly chart with Handle formation pending with Retracement support around 0.382 FIB with the least possibility according to the current trend as per below :
10. A 3 Drive harmonic pattern in formation observed, note since the market is on a strong trend have considered the retracement levels from 0.382(38.2%) to 0.5(50%) FIB with retracement targets & drive 3 targets on weekly chart as per below:
11. Ichimoku is currently under consolidation, however, the Chikou span is above the price range &trading above Senkou span A which is a strong bullish in long term as per below :
12. Wyckoff theory has a BOS (Break of Structure) since previous high on Oct 2021 & CHoCH(Change of Character) since Sept 2022, the CHoCH support is exactly @ 0.382 FIB on 3 Drive pattern & also a support on raising wedge bottom, with multiple divergence observed (MACD Histogram, RSI, MOM: Momentum, MFI: Money Flow Index). Therefore, 18096 target gets a multiple validations as per below:
13. Additional information: OI (Open Interest) max build for options expiring 15th Dec is around 18,600 for both CE & PE and Max PE is around 18000.
NOTE: 14th Dec FOMC meeting outcome will also be a factor to be considered.
Targets & Stop Loss provided in chart and screens for different time frames.
Disclaimer: “The above is an Educational idea only and not any kind of financial or investment advice (Non SEBI registered). So, please do your own DD (Due Diligence) before any kind of investment”.
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